ADX and ADCCI sign MoU to boost private sector

PublishedTuesday, February 23, 2010

Abu Dhabi Securities Exchange (ADX) and Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a memorandum of understanding (MoU) to enhance the role of Abu Dhabi's private sector in the process of economic development and support the exchange's activities by boosting investor confidence.

The agreement was signed by Rashed Al Baloushi, ADX's Deputy Chief Executive and Director of Operations, and Rashed Al Qubaisi, ADCCI's Executive Director for Trade and Business Development, in the presence of a number of senior officials from the two sides.

Rashed Al Baloushi said the agreement comes at an important and crucial stage of the economic development in Abu Dhabi whereas the need now is dire for further enabling the private sector to play its role in supporting the economic growth and social development of the emirate in accordance with the strategic objectives set by the leadership.

He added that ADCCI will facilitate the exchange's communication with this vital sector owing to the chamber's extensive network of members that include the majority of the private sector players in Abu Dhabi, and hence enhance investment literacy and develop ADX's operations to support the establishment of the debt market or to introduce any new investment instruments.

ADX's deputy CEO emphasised the importance of co-operating with the chamber in the fields of investment literacy and knowledge as well as addressing the issues of mutual concern that involves the business community, investment and economic development.

Rashed Al Qubaisi assured ADCCI's complete commitment to further enhance the services provided for the chamber's members including the corporations and companies operating in Abu Dhabi as well as its partners whether local government or other official entities in Abu Dhabi. The agreement stipulates the co-operation between the two sides to support the efforts aiming at the active participation of the private sector, emiratisation and supporting the UAE's entrepreneurs and owners of small and medium enterprises.

The pact also sets a framework for enhancing investor confidence at ADX and co-ordinating the efforts in the issues of mutual concern including the business community, investment and economic development.

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